Rates Rise

The average 30-year fixed mortgage rate rose to 5.82% for the week ending Oct. 8 from 5.72% the previous week, according to Freddie Mac's Primary Mortgage Market Survey.The average 15-year fixed mortgage rate rose from 5.12% to 5.24%, while the average rate for one-year Treasury-indexed ARMs climbed from 3.97% to 4.08%. Fees and points averaged 0.6 of a point for all three mortgage categories. "The financial market thinks we've passed the 'soft patch' in the economy, which would translate into stronger growth in the coming months," said Amy Crews Cutts, Freddie Mac's deputy chief economist. "Stronger growth means a greater threat of inflation, and that means interest rates will start to rise in response to the threat." A year ago, the average 30-year and 15-year fixed rates were 5.77% and 5.10%, respectively, and the average one-year ARM rate was 3.72%, Freddie Mac said. Freddie Mac can be found online at http://www.freddiemac.com.